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Truth Social CEO out after $1.1 billion in losses (www.motherjones.com)
submitted 20 hours ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works
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The company, which is majority owned by Donald Trump, has seen its stock plummet 84 percent under Nunes’ leadership, from its debut price of $58 back in 2024. The current share price of around $9.80 is arguably still optimistic for a company that has lost $1.1 billion since it went public, and recorded just over $10.6 million in revenue in the same time.

Even as the company struggled, Nunes prospered. In 2024 alone, his pay outstripped any revenue the company has made over its lifetime—he drew a salary of $1 million, a bonus of $600,000 and was awarded stock worth another $46 million.

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[–] calliope@piefed.blahaj.zone 24 points 18 hours ago (4 children)

My favorite part is seeing how badly they predicted their level of “success.” The delusion is strong:

At its launch, a slide presentation distributed to investors and filed with the SEC suggested that by 2026, the company expected to have about $3.3 billion in revenue, 40 million users on Truth Social and another 81 million spread across the company’s other services.

Hahaha!! 81 million people! $3 billion in revenue.

Truth Social may have as few as several hundred thousand daily active users, while Elon Musk’s X is estimated to have around 224 million. Those kind of numbers place it firmly in 24th place among social media companies, a few spots behind YouTube Kids.

[–] BarneyPiccolo@lemmy.today 2 points 2 hours ago* (last edited 2 hours ago)

That dog was losing money before the launch announcement was over. Investors walked out of there poorer than when they walked in.

[–] RememberTheApollo_@lemmy.world 6 points 12 hours ago (1 children)

Wonder how many of those active users are bots and troll farmers.

[–] protogen420@lemmy.blahaj.zone 1 points 4 hours ago (2 children)

do bots would even make sense there? if there is no users why bother botting it? what do they gain from that?

[–] RememberTheApollo_@lemmy.world 4 points 3 hours ago (1 children)

Gotta keep the echo chamber consistent and alive.

[–] BarneyPiccolo@lemmy.today 1 points 2 hours ago

The illusion of activity.

[–] tomkatt@lemmy.world 19 points 18 hours ago

in 24th place among social media companies, a few spots behind YouTube Kids.

I like how they salted the wound there.

[–] homes@piefed.world 4 points 17 hours ago

A few hundred thousand? I think a YouTube channel I started 20 years ago and only uploaded one video to probably has more subscribers than that.

Yikes